Advice Needed Please

Saban

I really need some advice. Ive recently discovered that my OH is £8000 in debt on his credit cards. I knew there was quite a bit but i never realised how bad it was. Hes really struggling to keep up his repayments and im at a bit of a loss.

A friend recommended we go to his bank and get a loan to pay it all off. Another said speak to the credit card compaines and see if we can come to some arrangement with them. What would be best?

His credit has got so bad now that he can get another card with a 0% period. I want to try and pay this off as quickly as possible and without incurring anymore charges which is whats killing him at the moment.

Any comments or advice you could give me would be very much appreciated.
Thanks

EdinburghKev

Can I say first off not to panic. This debt could have been causing your OH a huge amount of stress so you may be able to help him by going slow and not compounding the pressure on him.

I would suggest calling the credit card company and asking for them to freeze intrest for a couple of months/maybe ask for a couple of months payment break/ask to make smaller payments for 6 months until you are back on your feet.

You could go to Cahoot and get a loan with rates around 5.9% and transfer the balance to that and pay it off also. I am sure others on here will have some good advice.

I ran up some credit card debts and it did my health/mental health so much damage trying to manage it on my own. I was scared about anyone finding out but it was a huge relief when I talked to my OH about it and had her support in working things out.

Saban

Thanks for your reply kev! You have put my mind to rest a bit. Do you think he would be able to get the Cahoot loan? His credit rating is ruined and mine is even worse!
But i will definatly look into in.
And i will go easy on him! Im know hes been really upset about it all.

gazza975526570

give the current cc company a call - see what they can offer you.

Would you be unlikely to obatin a new credit card to be able to transfer the debt onto whilst you pay it off?

Loans an option but more likely you will be paying this for a longer period than another 0% deal and both will rest on your current credit report.

Saban

Ill get him to try that! He did try applying for a new card a couple of months back and got refused. His credit is so bad now i doubt he would be able to get another one, and my credit even worse!

thesaint

Hi,
I would forget all the ideas of 0% credit cards and low rate loans, and simply
contact one of the free agencies(Citizens advice, Conumer credit counselling service e.t.c). With you having a worse 'credit rating', than your other half, maybe it's time to call in the "big boys".